Company No:
Contents
Note | 30.03.2023 | 31.03.2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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Investments | 5 |
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8,060 | 10,048 | |||
Current assets | ||||
Stocks |
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Debtors | 6 |
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Cash at bank and in hand | 7 |
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380,365 | 433,126 | |||
Creditors: amounts falling due within one year | 8 | (
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Net current liabilities | (163,355) | (210,034) | ||
Total assets less current liabilities | (155,295) | (199,986) | ||
Creditors: amounts falling due after more than one year | 9 | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 10 |
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Profit and loss account | (
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Total shareholders' deficit | (
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Director's responsibilities:
The financial statements of Triton Galleries (Devon) Limited (registered number:
David Charles Phelps
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial period, unless otherwise stated.
Triton Galleries (Devon) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Century House, Nicholson Road, Torquay, TQ2 7TD, England, United Kingdom. The principal place of business is 26 Torwood Street, Torquay, TQ1 1EB.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Goodwill |
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Leasehold improvements |
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Vehicles |
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Fixtures and fittings |
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Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Period from 01.04.2022 to 30.03.2023 |
Period from 30.09.2021 to 31.03.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including the director |
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Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 April 2022 |
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At 30 March 2023 |
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Accumulated amortisation | |||
At 01 April 2022 |
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At 30 March 2023 |
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Net book value | |||
At 30 March 2023 |
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At 31 March 2022 |
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Leasehold improve- ments |
Vehicles | Fixtures and fittings | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 April 2022 |
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At 30 March 2023 |
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Accumulated depreciation | |||||||
At 01 April 2022 |
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Charge for the financial period |
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At 30 March 2023 |
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Net book value | |||||||
At 30 March 2023 |
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At 31 March 2022 |
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Investments in subsidiaries
30.03.2023 | |
£ | |
Cost | |
At 01 April 2022 |
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At 30 March 2023 |
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Provisions for impairment | |
At 01 April 2022 |
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At 30 March 2023 |
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Carrying value at 30 March 2023 |
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Carrying value at 31 March 2022 |
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30.03.2023 | 31.03.2022 | ||
£ | £ | ||
Amounts owed by own subsidiaries |
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Amounts owed by director |
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Other debtors |
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30.03.2023 | 31.03.2022 | ||
£ | £ | ||
Cash at bank and in hand |
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Less: Bank overdrafts | (
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(6,475) | (116,521) |
30.03.2023 | 31.03.2022 | ||
£ | £ | ||
Bank loans and overdrafts (secured) |
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Trade creditors |
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Amounts owed to own subsidiaries |
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Amounts owed to director |
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Accruals |
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Taxation and social security |
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Other creditors |
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30.03.2023 | 31.03.2022 | ||
£ | £ | ||
Bank loans (secured) |
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30.03.2023 | 31.03.2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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1,100 | 1,100 |
Pensions
The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
30.03.2023 | 31.03.2022 | ||
£ | £ | ||
Unpaid contributions due to the fund (inc. in other creditors) |
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Transactions with owners holding a participating interest in the entity
30.03.2023 | 31.03.2022 | ||
£ | £ | ||
Surridge Galleries (Taunton) Limited, a company under common control, creditor | (154,735) | (142,579) | |
Surridge Galleries Limited, a company under common control, debtor | 214,320 | 76,565 |
Transactions with the entity's director
30.03.2023 | 31.03.2022 | ||
£ | £ | ||
Amounts owed to the director (2022: owed by the director) | (96,192) | 84,568 |
Interest is charged at 2% on overdrawn amounts and there are no fixed repayment terms.